Bank Secrecy Act – LendIt News – Daily Fintech Industry Newshttps://news.lendit.com
Lending and Fintech NewsWed, 20 Mar 2019 19:04:46 +0000en-UShourly1https://wordpress.org/?v=4.9.10https://news.lendit.com/wp-content/uploads/cropped-Favicon_32X32_Fintech_v002-012-32x32.pngBank Secrecy Act – LendIt News – Daily Fintech Industry Newshttps://news.lendit.com
3232Regulators Encourage AI Testing to Combat Money Launderinghttps://news.lendit.com/2018/12/06/regulators-encourage-ai-testing-to-combat-money-laundering/
https://news.lendit.com/2018/12/06/regulators-encourage-ai-testing-to-combat-money-laundering/#respondThu, 06 Dec 2018 16:37:41 +0000https://news.lendit.com/?p=15557Regulators issued a joint statement this week saying financial firms should start using AI technologies to comply with the Bank Secrecy Act and combat money laundering; “This is a huge milestone, both in modernizing AML and more broadly in moving the financial world toward adoption of smarter and more efficient regtech,” said Jo Ann Barefoot, a consultant and former deputy comptroller of the currency, to American Banker; regulators did not address all concerns around AI like explainability and SAR filings but they did encourage testing to be done; the move can help advanced AI companies start providing U.S. firms solutions that they have thus far been hesitant to so due to regulators. Source.
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